Intersections Second-quarter 2012 transportation and logistics

Transcription

www.pwc.com/us/industrialproducts
Intersections
Second-quarter 2012
transportation and logistics
industry mergers and
acquisitions analysis
To our transportation and logistics readers
Welcome to the latest edition of Intersections, PwC’s analysis of mergers and acquisitions in
the global transportation and logistics industry. In this report, you’ll find an overview of
M&A in the sector during the second quarter of 2012, as well as expectations for deal
activity in the near future.
PwC’s Transportation and Logistics (T&L) practice is monitoring several trends expected to
affect the values and locations of deals in the T&L sector:
•
Deal flow was markedly robust during the quarter, with mega deals, those with a
disclosed value of at least $1 billion, expected to top the total of such announcements
for all of 2011.
•
The United States demonstrated surprising strength in both deal volume and values,
even when not considering the impact of the UPS/TNT deal announced during the
first quarter.
•
Eurozone deals decreased significantly in the wake of the economic downturn and
ongoing sovereign debt issues. The number of European deals has actually increased,
though, when excluding Southern European economies. The divergence within Europe
is expected to continue as new airport deals in the United Kingdom come online and
Russia’s transportation sector continues to privatize.
•
M&A activity in China has quickly slowed in the face of tighter credit and a deceleration
in growth. However, the country’s favorable prospects for growth and monetary
stimulus are expected to drive long-term resilience.
•
So far in 2012, the vast majority of mega deals have been focused on airports and
roads, activity that is contributing to strong deal flow in South America. The outlook for
these transactions remains very positive. The Brazilian government reportedly is
considering privatizing more airports, in the wake of widespread interest in such
projects generated during the auctions held earlier this year.
Jonathan Kletzel
Klaus-Dieter Ruske
There are a multitude of potential drivers for future M&A in the transportation and logistics
industry. While a return to the M&A peaks experienced during the leverage bubble is
unlikely, the balance of risk and reward favors a strong second half for deals in the sector.
We’re pleased to present the second-quarter 2012 edition of Intersections as a part of
our ongoing commitment to provide a better understanding of M&A trends and prospects
in the industry.
Jonathan Kletzel
US Transportation and Logistics
Advisory Leader
Intersections
Klaus-Dieter Ruske
Global Transportation and Logistics
Industry Leader
1
Perspectives:
Thoughts on deal activity in the second quarter of 2012
Welcome to Intersections, our analysis of M&A activity in the
transportation and logistics sector. We are pleased to share
that deal flow was robust this quarter, with lots of activity at
the top of the market. This is evidenced by the fact that
mega deals, or deals with a disclosed value of at least $1
billion, are on pace to easily exceed the total of such
announcements for all of 2011.
The United States, a bright spot in the current market
environment, showed a surprising amount of strength in
both deal volume and values, even when removing the
impact of the first quarter $6.9 billion UPS/TNT
announcement.
Eurozone deals were down significantly in the face of
recession and ongoing sovereign debt issues. However, it is
interesting that when excluding Southern European
economies, several of which face the brunt of the
continent’s economic woes, the number of European deals
has actually increased. We expect this divergence within
Europe to continue, as new airport deals in the United
Kingdom come to market and the transportation sector in
Russia continues a trend toward privatization. Such
transactions should fuel activity outside the Eurozone.
Deals for transportation infrastructure continue to be a
bright spot. These announcements — mainly for airports
and roads — constitute the vast majority of mega deals so
far this year and are contributing to strong deal flow in
South America. The outlook for these transactions remains
very positive; advanced economies face long-term budget
pressures, emerging markets need investment to meet their
growth potential, and investor interest remains high.
Several of these motivations could lead to additional
infrastructure mega deals in Brazil. For example, reports
indicate that the government is considering the
privatization of more airports following interest generated
during the auctions held earlier this year.
Looking forward we believe that there are a multitude of
potential drivers for future M&A. Yet concerns over the
durability of the economic expansion in the United States,
ongoing turmoil in Europe, and decelerating growth in key
emerging markets are creating barriers to a further rise in
M&A totals. While we are not forecasting a return to the
M&A peaks experienced during the leverage bubble, the
balance of risks favors a strong second half for deals in the
transportation and logistics sector.
M&A in China has quickly slowed following tighter credit
and a deceleration in growth. However, we expect to see
more long-term resilience in China on the basis of relatively
favorable growth prospects and monetary stimulus.
2
PwC
Quarterly transportation and logistics deal activity
Measured by number and value of deals worth $50 million or more (3Q09–2Q12)
2009
2010
2011
2012
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
30
44
41
42
42
62
48
46
48
35
35
45
Total deal value ($ bil.)
10.4
56.2
21.5
19.6
20.9
48.7
11.3
13.4
14.3
13.6
24.7
12.6
Average deal value
($ bil.)
0.3
1.3
0.5
0.5
0.5
0.8
0.2
0.3
0.3
0.4
0.7
0.3
Number of deals
The second quarter was a robust period for transportation
and logistics M&A. Specifically, the pace of deal volume
(i.e., number of deals) accelerated from both the first
quarter and 2011, as a whole, while deal value is on pace to
approximate the level of 2011. The market was particularly
active in larger deals, as a percent of all deals, and less so in
smaller/undisclosed deals.
Deal activity by number of deals
Measured by number of deals worth $50 million or more
(2011, 1H12, 2Q12)
200
177
Number of deals
150
100
80
50
32
45
37
17
17
12
0
2011
1H12
7
2Q12
Number of deals
Number of deals with US targets and/or acquirers
Number of deals with Eurozone targets and/or acquirers
Some of the increase in total deal flow was driven by greater
involvement from US entities. Deal volume involving US
entities increased during the second quarter, though the
total and average value was down compared to the YTD
period due to the $6.9 billion UPS/TNT deal announced in
February. The US economy, which faces many questions
around the strength of its recovery, appears to be a source of
relative calm as it concerns transportation M&A. US
trucking and logistics industries were very active, and while
the rationales (e.g., increase market share, expand services)
were somewhat varied, it seems that many of these
companies are choosing to address limited organic growth
opportunities through M&A.
Deal activity by total deal value
Measured by value of deals worth $50 million or more
(2011, 1H12, 2Q12)
60
52.7
US$ billions
50
40
37.3
30
20
10
10.7
13.6 12.5
12.6
8.0
3.8
0
2011
1H12
1.7
2Q12
Total deal value
Total deal value for deals with US targets and/or acquirers
Total deal value for deals with Eurozone targets and/or acquirers
Intersections
3
Deal activity by average deal value
Measured by value of deals worth $50 million or more
(2011, 1H12, 2Q12)
1,000
799
733
US$ millions
750
500
467
298
250
291
250
320
281
247
0
2011
1H12
2Q12
Average deal value
Average deal value for deals with US targets and/or acquirers
These US results generally contrast with Eurozone deals,
which have clearly been impacted by sovereign debt issues
and recession. The pace of Eurozone deal value and volumes
declined significantly in the second quarter. These results
indicate that, despite growing concerns about recession in
Europe, the durability of the expansion in the United States,
and a slowdown in several emerging markets, the overall
market for transportation and logistics M&A has proved
resilient. These concerns are unlikely to abate quickly,
contributing to our outlook for the second half deal totals
that approximate the level of first half of the year, with risks
more oriented to the downside. The depth of the recent
recession, the slow process of deleveraging, and the need to
implement austerity measures are all factors that could limit
near-term economic growth in many developed economies.
Due to the strong relationship between economic output
and sector M&A, some resolution of these issues will likely
be needed to drive announcements higher.
Average deal value for deals with Eurozone targets and/or acquirers
Deals by transportation & logistics mode
(2011, 1H12, 2Q12)
100%
2%
1%
2%
9%
5%
9%
13%
19%
16%
80%
19%
60%
21%
22%
28%
40%
32%
20%
29%
20%
18%
0%
2011
19%
18%
1H12
2Q12
Passenger air
Trucking
Shipping
Passenger ground
Rail
Other
The proportion of passenger air, shipping, and passenger
ground announcements during the second quarter was
similar to 2011. Passenger air is likely to remain active,
though the recent wave of airline M&A and interest in
transportation infrastructure assets means that the focus
will likely remain on airport deals instead of airline M&A.
Infrastructure deals, driven by budget pressures in
developed markets and the need to support economic
growth in developing markets, should contribute to some
additional road concessions in the passenger ground mode.
Road and airport concessions typically account for some of
the largest deals in the sector, as demonstrated in the mega
deal tables, given the size of these assets and should remain
the primary driver of deal value in the sector during the
second half of the year. The rationale for consolidation in
shipping also remains strong as it would help address issues
related to vessel overcapacity and financially weak
competitors, though these are not as likely to represent the
larger deals in the sector due to the relative size of many of
the target entities.
Logistics
Note: Percentages may not sum to 100% due to rounding
4
PwC
Financial leverage and liquidity
Measured by median of top 50 global public competitors
(Y-2,Y-1,MRQ)
1.6
25%
21.5%
1.4
20%
1.2
15.4%
1.0
$ Billions
Our research into debt and liquidity levels among the largest
companies in the sector indicates that cash levels remain
high and balance sheets have strengthened over the last two
years. The improving financial strength of larger companies
in the sector and shareholder pressures to put cash to work
has supported the use of internal sources of capital
(corporate funds) for new deals. In addition, modest
deleveraging within the sector as well as a decline in yields
across many economies over the last year is supporting the
increased use of debt. Assuming that stock market
valuations do not change substantially, this mix of financing
likely will remain favored by larger transportation and
logistics sector constituents. In addition, the high level of
liquidity could encourage more cross-border M&A by US
companies that prefer to invest funds generated from
non-US operations into foreign acquisitions instead of
paying the tax necessary to repatriate this cash.
15%
12.1%
0.8
10%
0.6
1.36
0.4
1.40
1.40
5%
0.2
0.0
2 Years Ago
1 Year Ago
Cash & equivalents (left-axis)
0%
Most Recent Quarter
Total Debt/Capital (right-axis)
Source: Company Reports
Source of funds
Measured by percentage of deals worth $50 million or more
(2011, 1H12, 2Q12)
75%
63%
63%
53%
50%
25%
15%
3%
0%
2011
Common Stock Issue
Intersections
6%
6%
11%
0%
1H12
Debt Issue
2Q12
Corporate Funds
5
Mega deals in 2011
Deals with a disclosed value of at least $1 billion
Month
announced
Target name
Target nation
Acquirer name
Oct
Freight One
Russian Fed
UCL Holding BV
Russian Fed
Completed
4.22
Rail
May
Abbot Point
Coal Terminal
Australia
Mundra Port &
Special Economic
Zone Ltd {MPSEZ}
India
Completed
1.95
Shipping
Jun
Brussels Airport
Co SA
Belgium
Ontario Teachers
Pension Plan
{OTPP}
Canada
Completed
1.75
Passenger
air
Jul
Korea Express
Co Ltd
South Korea
Investor Group
South Korea
Completed
1.65
Logistics
Dec
Lasalle
Investment
Management
KK-Property
Portfolio
Japan
Investor Group
China
Completed
1.57
Logistics
Jul
ConnectEast
Group
Australia
Horizon Roads
Pty Ltd
Australia
Completed
1.53
Passenger
ground
Oct
Maersk LNG A/S
Denmark
Malt LNG
Holding ApS
Denmark
Completed
1.40
Shipping
May
Daxinhua Airlines
Co Ltd
China
Chongqing Shenyin
Longsheng
Investment Co Ltd
China
Pending
1.23
Passenger
air
Sep
Puerto Rico
Public-Private
Partnership
Authority{PPPA}PR 22
Puerto Rico
Investor Group
United States
Completed
1.14
Passenger
ground
Aug
GE SeaCo Ltd
Barbados
Investor Group
China
Completed
1.05
Shipping
Aug
Diamond S
Shipping LLC
United States
Investor Group
United States
Pending
1.00
Shipping
6
Acquirer nation
Status
Value of
transaction
in US$ bil
Category
PwC
Mega deals in 1H12
Deals with a disclosed value of at least $1 billion
Month
announced
Target name
Target nation
Acquirer name
Feb
TNT Express NV
Netherlands
UPS
United States
Pending
6.83
Logistics
Feb
Infraero-Guarulhos
Airport Concession
Brazil
Invepar
Brazil
Pending
4.79
Passenger
air
Feb
Cheniere Energy
Partners LP
United States
Investor Group
United States
Pending
2.00
Logistics
Feb
Infraero-Brasilia Airport
Concession
Brazil
Investor Group
Brazil
Pending
1.33
Passenger
air
Apr
Edinburgh Airport Ltd
United
Kingdom
Global Infrastructure
Partners LLC
United States
Pending
1.30
Passenger
air
Jun
Vela International Marine
Ltd
Utd Arab Em
National Shipping Co
of Saudi Arabia (Bahri)
Saudi Arabia
Pending
1.21
Shipping
Apr
Grupo Costanera SA
Chile
Canada Pension Plan
Investment Board
Canada
Pending
1.15
Passenger
ground
Feb
Infraero-Campinas
Airport Concession
Brazil
Investor Group
Brazil
Pending
1.13
Passenger
air
Mar
Brisa-Auto-estradas de
Portugal SA
Portugal
Tagus Holdings Sarl
Luxembourg
Intended
1.07
Passenger
ground
The pace of mega deals continues to exceed that of 2011,
with three such announcements during the second quarter.
This has led the number of mega deals during the first half
of the year to almost reach the level of all of 2011. The
theme of infrastructure, which has accounted for the
majority of mega deals so far this year, continued into the
second quarter.
The largest deal of the quarter was the $1.3 billion purchase
of Edinburgh Airport, the largest airport in Scotland, by
Global Infrastructure Partners LLC, a joint venture between
Credit Suisse and General Electric. Global Infrastructure
Partners, which also owns London City Airport, had
previously acquired Gatwick airport from BAA. These
airport divestitures are the result of a decision by the UK
Competition Commission that BAA must divest three
airports. This ruling is expected to potentially lead to the
sale of Stansted Airport later this year.
The second largest mega deal of the quarter was the $1.2
billion merger between National Shipping Company of
Saudi Arabia, which announced plans to change its name to
Bahri, and Vela International Marine, a subsidiary of
state-owned oil company Saudi Aramco. The deal is
Intersections
Acquirer nation
Status
Value of
transaction
in US$ bil
Category
expected to make Bahri the fourth-largest owner of very
large crude carriers (VLCCs) globally and will involve a
commitment for the combined entity to provide crude oil
shipping to Saudi Aramco.
The final mega deal of the quarter was the $1.1 billion
minority stake in Grupo Costanera SA (Chile), a unit of
Atlantia SpA (Italy), by the Canadian Pension Plan
Investment Board (CPPIB). Grupo Costanera is the largest
urban toll road operator in Chile, with ownership of five
major roads. This deal is subject to Atlantia acquiring
Autostrade Sud América from partners SIAS and
Mediobanca, and it is expected to help CPPIB diversify its
exposure more into emerging markets.
Infrastructure investment has proved relatively defensive in
nature, and it seems most likely that these targets will be the
focus of future mega deals. For example, reports indicate
that the Brazilian government continues to study further
airport privatizations, potentially including assets in Rio de
Janeiro, Belo Horizonte, and Recife International. In
addition, there is the potential for the aforementioned BAA
sale of Stansted Airport due to competition concerns.
7
Global transportation and logistics M&A activity in 2Q12
Measured by number and value of deals worth $50 million or more
North America
Local—8 deals, $2.1 billion
Inbound—1 deal, $0.1 billion
Outbound—4 deals, $2.8 billion
Europe
Inbound—4 deals, $1.7 billion
Asia & Oceania
Africa
South America
Inbound—2 deals, $1.4 billion
On a regional basis, European deal flow was down
significantly. European deals were not focused on any
particular mode, but it is interesting that deals involving
parties in Southern Europe (based upon the UN definition
of the sub-region) continue to decline and have primarily
led to lower regional totals. In fact, when excluding deals
involving Southern European countries, the pace of
European deals has actually accelerated. Clearly,
uncertainty in this region has led to a more conservative
approach to M&A.
Deal activity in South America continues to accelerate,
fueled by infrastructure transactions in Brazil and, to a
lesser extent, Chile. While many of these announcements
have been local-market deals, recent changes in antitrust
law may increase the attractiveness of the market to foreign
acquirers. In addition, there is the potential for additional
infrastructure deals in this country to drive future deal
totals.
8
The pace of North American deals has not changed much
during the second quarter, though the region does provide
an interesting contrast with South America as there are
fewer infrastructure deals involving North American
companies, with M&A primarily focused on logistics,
trucking, and shipping targets. There was a large decline in
the number of deals involving parties in China—primarily
among airlines and expressway operators—which
contributed to a slight decline in totals for the Asia and
Oceania region. This can be attributed to slowing economic
growth as well as tightening credit, particularly for smaller
acquirers. Yet other Asian countries, such as the Philippines,
Malaysia, Indonesia, and Thailand, made up for much of
this decline in Chinese deals. Many of these were local
deals; however, this seems to portend a future in which
these emerging and developing economies could begin to
wield more power as cross-border acquirers.
PwC
While the Eurozone issues will likely continue to weigh on
activity in this region, European activity could see
something of a boost from the ongoing privatizations of
transportation companies in Russia. The government has
previously announced plans to divest stakes in Sovcomflot
(largest shipping company), Aeroflot (largest airline by
passengers), passenger and freight rail operator Russian
Railways, and Sheremetyevo International Airport. It is
possible that some of these transactions could be delayed
due to political and market considerations. However, the
potential for some of the Russian deals to proceed, in
addition to more airport sales in the United Kingdom (e.g.,
Prestwick and Stansted) is likely to help boost future activity
in this region.
The overall level of cross-border/local-market activity has
remained approximately the same as in 2011, though this
masks a subtle trend: Advanced economy acquirers are
engaging in more cross-border deals while emerging and
developing economy acquirers are focusing on their local
markets. This trend is likely to continue as many advanced
market investors look for higher returns to supplement
relatively sluggish organic growth opportunities.
Distribution of BRIC deals by acquirer nation,
measured by number of deals
(2011, 1H12, 2Q12)
53
18
Total
8
6
10
Brazil
4
9
4
Russian
Fed
2
3
0
0
India
35
4
China
2
0
10
20
30
40
50
60
2011
1H12
2Q12
Distribution of BRIC deals by target nation,
measured by number of deals
(2011, 1H12, 2Q12)
53
Total
24
11
8
Brazil
11
4
10
Russian
Fed
4
2
3
3
India
1
32
China
6
4
0
10
20
30
40
50
60
2011
1H12
2Q12
Intersections
9
PwC experience
Deep transportation and
logistics experience
PwC provides advisory, assurance, and tax services for more
than 93% of the transportation and logistics companies
listed on the Fortune 500. Our transportation and logistics
practice is composed of a global network of approximately
4,900 industry professionals who service nearly 300 public
and private companies around the world. Central to the
successful delivery of our services is an in-depth
understanding of today’s industry issues and our
commitment to delivering economic value through
specialized resources and international leading practices.
Our highly skilled team encourages dialogue regarding
complex business issues through active participation in
industry conferences and associations such as the Air
Transport Association, American Trucking Association,
American Railroad Association, and European Logistics
Association.
Quality M&A deal professionals
PwC’s Transaction Services practice consists of more than
6,500 dedicated deal professionals worldwide. The depth of
their industry and functional experience enables them to
North America & the Caribbean
5,000 Industrial Products professionals
420 Transportation & Logistics
industry professionals
advise clients regarding factors that could affect a
transaction across the deal continuum. From initial due
diligence and evaluation to preparation for Day One and
post-close merger integration, our teams are committed to
capturing value throughout the deal process and achieving
our clients’ objectives. These functional areas include, but
are not limited to, sales and marketing, financial
accounting, tax, human resources, information technology,
risk management, and supply chain. Teamed with our
transportation and logistics industry practice, our deal
professionals can bring a unique perspective to your
transaction, addressing it from a technical as well as an
industry point of view.
Local coverage, global connection
In addition to global transportation and logistics resources,
our team is part of a large Industrial Products group that
consists of more than 32,000 professionals, including
approximately 17,000 providing assurance services, 8,300
providing tax services, and 7,000 providing advisory
services. This expands our global footprint and enables us
to concentrate efforts in bringing clients a greater depth of
talent, resources, and knowledge in the most effective and
timely way.
Europe
2,330 Transportation & Logistics
Middle East & Africa
South America
10
Asia
1,500 Transportation & Logistics
Australia & Pacific Islands
PwC
Contacts
PwC Transportation and Logistics practice
US T&L Advisory Leader
Jonathan Kletzel—+1.312.298.6869
[email protected]
Global T&L Tax Leader
Jorgen Juul Anderson—+45.39.45.94.34
[email protected]
US T&L Tax Leader
Michael J. Muldoon—+1.904.366.3658
[email protected]
United Kingdom T&L Leader
Coolin Desai—+44 (0)20 7212 4113
[email protected]
US T&L Assurance Leader
Andre Chabanel—+1.973.236.4549
[email protected]
Central and Eastern Europe T&L Leader
Nick Allen—+381 11 3302100
[email protected]
US T&L Transaction Services Partner
Dana Drury—+1.214.758.8245
[email protected]
Brazil T&L Leader
Luciano Sampaio—+55.11.36742451
[email protected]
US T&L Transaction Services Director
Lisa Jackson—+1.312.298.4308
[email protected]
China-Hong Kong T&L Leader
Alan Ng—+852.2289.2828
[email protected]
US T&L Corporate Finance Senior Managing Director
Rakesh Kotecha—+1.312.298.2895
[email protected]
Australia T&L Leader
Joseph Carrozzi—+61.2.8266.1144
[email protected]
US T&L Partner
David Mandelbaum—+1.646.471.6040
[email protected]
Middle East T&L Leader
Anil Khurana—+971.4304.3100
[email protected]
US T&L Director
Bryan Terry—+1.678.431.4676
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Dietmar Pruemm—+49.211.981.2902
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US T&L Assurance Senior Manager
Jeffrey J. Simmons—+1.214.979.8606
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Global Airlines and Airports Coordinator
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US Research Analyst
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Global T&L Business Development and Marketing
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Editorial Contributor
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[email protected]
Global T&L Industry Leader
Klaus-Dieter Ruske—+49.211.981.2877
[email protected]
Intersections
11
PwC Global Transaction Services practice
Global Transaction Services Leader
Colin McKay—+1.646.471.5200
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US Transaction Services Leader
Martyn Curragh—+1.646.471.2622
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Europe Transaction Services Leader
Phillippe Degonzague—+33.01.5657.1293
[email protected]
Asia-Pacific Transaction Services Leader
Chao Choon Ong—+65.6236.3018
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US Transaction Services, Assurance
Brian Vickrey—+1.312.298.2930
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US Transaction Services, Tax
Michael Kliegman—+1.646.471.8213
[email protected]
US Transaction Services, Merger Integration
David Limberg—+1.216.875.350
[email protected]
12
PwC
Methodology
Intersections is an analysis of mergers and acquisitions in the
global transportation and logistics industry. Information
was sourced from Thomson Reuters and includes deals for
which targets have primary NAICS codes that fall into one
of the following NAICS industry groups, NAICS industries,
or national industries: scheduled air transportation;
nonscheduled air transportation; rail transportation;
deep-sea, coastal, and Great Lakes water transportation;
inland water transportation; general freight trucking;
specialized freight trucking; urban transit systems;
interurban and rural bus transportation; taxi and limousine
service; school and employee bus transportation; charter
bus industry; other transit and ground passenger
transportation; support activities for air transportation;
support activities for rail transportation; support activities
for water transportation; other support activities for road
transportation; freight transportation arrangement; other
support activities for transportation; postal service; local
messengers and local delivery; general warehousing and
storage; refrigerated warehousing and storage; other
warehousing and storage; and process, physical
distribution, and logistics consulting.
This analysis includes all individual mergers and
acquisitions for disclosed or undisclosed values, leveraged
buyouts, privatizations, minority stake purchases, and
acquisitions of remaining interest announced between July
Intersections
1, 2009, and June 30, 2012, with a deal status of completed,
intended, partially completed, pending, pending regulatory
approval, unconditional (i.e., initial conditions set forth by
the acquirer have been met but deal has not been
completed), withdrawn, seeking buyer, or seeking buyer
withdrawn. The term deal, when referenced herein, refers
to transactions with a disclosed value of at least $50 million
unless otherwise noted.
Regional categories used in this report approximate United
Nations (UN) regional groups as determined by the UN
Statistics Division, with the exception of the North America
region (includes North America and Latin and Caribbean
UN groups), the Asia and Oceania region (includes Asia and
Oceania UN groups), and Europe (divided into United
Kingdom, plus Eurozone and Europe ex-UK and Eurozone
regions). The Eurozone includes Austria, Belgium, Cyprus,
Estonia, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Malta, the Netherlands, Portugal, Slovakia,
Slovenia, and Spain. Oceania includes Australia, New
Zealand, Melanesia, Micronesia, and Polynesia. Overseas
territories were included in the region of the parent
country. China, when referenced separately, includes Hong
Kong. International Monetary Fund classifications were
used to categorize economies as advanced or developing
and emerging
13
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© 2012 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” and “PwC” refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context
requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity. This document is for general information purposes only, and
should not be used as a substitute for consultation with professional advisors. MW-12-0440 jat

Intersections Second-quarter 2012 transportation and logistics

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